The Senate Agriculture Committee will vote on Thursday whether or not to accept a proposal put forth by Senate Republicans to extend the milk income loss contract program..

The plan, offered by Senate Ag Committee Chairman Saxby Chambliss, R-Ga., would extend the MILC program for two years. However, whenever milk prices fall below the current trigger point, producers would receive payment equal to 34 percent of the difference – instead of the current 45 percent difference – between the current price and the trigger price.

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